SEC News Digest

COMMISSION ANNOUNCEMENTS

The Commission today announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 of trading in the securities of Typhoon Touch Technologies, Inc. (Typhoon Touch), at 9:30 a.m. EDT, July 18, 2008, through 11:59 p.m. EDT, on July 31, 2008.

The Commission temporarily suspended trading in the securities of Typhoon Touch because there is a lack of current and accurate information concerning its securities. Questions have arisen regarding a recent increase in the share price from $8 to $25 following a 100 for one forward split and during a period when no material information about the company would explain such a price increase. Also, questions have been raised about the accuracy and adequacy of publicly-disseminated information concerning, among other things, the availability of shares for trading and delivery, and the current shareholders of the company. Typhoon Touch is quoted on the Pink Sheets and the Over the Counter Bulletin Board under the ticker symbol TYTT. (Rel. 34-58187)

Freddie Mac Now SEC Reporting Company

The Securities and Exchange Commission today announced that the Federal Home Loan Mortgage Corporation (Freddie Mac) has voluntarily registered its common stock under the Securities Exchange Act of 1934 and is now subject to the Act's periodic and current reporting requirements. By voluntarily becoming a reporting company, Freddie Mac has publicly disclosed, and will continue to disclose, key information about the company's finances and operations.

The Commission staff provided Freddie Mac the same regulatory relief given in 2004 to the Federal National Mortgage Association (Fannie Mae), which voluntarily registered its common stock in the year before. Under the relief, both companies agree to disclose direct financial obligations and off-balance sheet arrangements on the same basis as if they were public companies conducting registered offerings. (Press Rel. 2008-145)

Commission Meetings

Closed Meeting - Thursday, July 24, 2008 - 2:00 p.m.

The subject matter of the closed meeting scheduled for July 24, 2008, will be: formal orders of investigation; institution and settlement of injunctive actions; institution and settlement of administrative proceedings of an enforcement nature; adjudicatory matters; a regulatory matter regarding a financial institution; a litigation matter; and other matters related to enforcement proceedings.

At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 551-5400.

ENFORCEMENT PROCEEDINGS

Commission Revokes Registration of Securities of American Ship Building Co. for Failure to Make Required Periodic Filings

On July 18, the Commission revoked the registration of each class of registered securities of American Ship Building Co. (American Ship) for failure to make required periodic filings with the Commission.

Without admitting or denying the findings in the order, except as to jurisdiction, which it admitted, American Ship consented to the entry of an Order Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934 as to American Ship Building Co. finding that it had failed to comply with Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Rules 13a-1 and 13a-13 thereunder and revoking the registration of each class of American Ship's securities pursuant to Section 12(j) of the Exchange Act. This order settled the charges brought against American Ship in the Matter of American Ship Building Co., et al., Administrative Proceeding File No. 3-13065.

Brokers and dealers should be alert to the fact that Exchange Act Section 12(j) provides, in pertinent part, as follows:

No member of a national securities exchange, broker, or dealer shall make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce the purchase or sale of, any security the registration of which has been and is suspended or revoked . . . .

Former Senior Officers of iGo Corporation are Enjoined and Agree to Pay Civil Penalties

Between June 9, 2008 and July 15, 2008, the United States District Court for the District of Nevada entered final judgments in a financial fraud action brought by the Securities and Exchange Commission against Kenneth W. Hawk, the founder and former Chief Executive Officer, President, and Chairman of iGo Corporation; Michael J. Delargy, iGo's former Chief Financial Officer and Chief Operating Officer; and Thomas R. de Jong, iGo's former Senior Vice President of Sales, respectively. Hawk, Delargy, and de Jong each consented to a final judgment without admitting or denying the allegations in the Commission's complaint. These settlements conclude the Commission's enforcement action regarding iGo.

The Court permanently enjoined the three former iGo executives from violating the antifraud, books and records, and false statements to auditors provisions of the federal securities laws. The final judgments bar Hawk and de Jong from acting as officers and directors of any public company for five years and bar Delargy from acting as an officer or director for three years. In addition, Hawk will pay a $75,000 civil penalty, de Jong will pay a $55,000 civil penalty, and Delargy will pay a $50,000 civil penalty. As part of the settlement, Delargy also consented to the issuance of an administrative order suspending him from appearing or practicing before the Commission as an accountant, with a right to apply for reinstatement after three years.

iGo, a former Reno, Nevada manufacturer and distributor of parts and accessories for mobile technology, was acquired by Mobility Electronics, Inc. on September 4, 2002, and no longer is a public company. The Commission's March 24, 2005, complaint alleged that Hawk, Delargy, and de Jong knowingly or recklessly caused iGo to engage in fraudulent sales practices that resulted in the company materially overstating its revenue, and understating its losses, in fiscal years 1999 and 2000.

Specifically, in addition to the officer and director bars and the civil penalties, the judgments entered by the court enjoin Hawk, Delargy, and de Jong from violating Sections 10(b) and 13(b)(5) of the Exchange Act and Exchange Act Rules 10b-5, 13b2-1 and 13b2-2, as well as from aiding and abetting violations of Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Exchange Act Rules 12b-20, 13a-1 and 13a-13. Hawk's judgment also enjoins him from controlling any person who violates Sections 10(b), 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Exchange Act Rules 10b-5, 12b-20, 13a-1 and 13a-13.

In related proceedings, on July 17, 2008, the Commission instituted settled administrative proceedings against Delargy, suspending him from appearing as an accountant before the Commission, with a right to apply for reinstatement after three years. In the Matter of Michael J. Delargy, CPA - (Rel. 34-58186; AAE Rel. 2845; File No. 3-13091); [SEC v. Kenneth W. Hawk, Michael J. Delargy, and Thomas R. De Jong, Civil Action No. 3:05-CV-0172-LRH-VPC (D. Nev.)] (LR-20647; AAE Rel. 2846)

SELF-REGULATORY ORGANIZATIONS

Approval of Proposed Rule Changes

The Commission has issued an order approving a proposed rule change filed by the Chicago Board Options Exchange to list and trade CBOE S&P 500 Three-Month Realized Variance and CBOE S&P 500 Three-Month Realized Volatility Options. Publication is expected in the Federal Register during the week of July 21. (Rel. 34-58171)

The Commission has approved a proposed rule change, as modified by Amendment No. 1 thereto, submitted by the Philadelphia Stock Exchange (SR-Phlx-2008-12) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 relating to an exemption from examination requirements for Off-Floor Traders. Publication is expected in the Federal Register during the week of July 21. (Rel. 34-58174)

Accelerated Distribution of an Amended Options Disclosure Document

The Commission approved the distribution of the Canadian Derivatives Clearing Corporation's amended options disclosure document (SR-ODD-2008-03) prior to the 30th day after the date when definitive copies of the amended disclosure document were filed with the Commission. Publication is expected in the Federal Register during the week of July 21. (Rel. 34-58172)

Accelerated Approval of Proposed Rule Change

The Commission published notice of filing of Amendment No. 2 and granted accelerated approval to a proposed rule change (SR-Phlx-2008-31), as modified by Amendment Nos. 1 and 2 thereto, filed by the Philadelphia Stock Exchange pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 relating to changes to Phlx's governing documents in connection with the acquisition of Phlx by The NASDAQ OMX Group, Inc. Publication is expected in the Federal Register during the week of July 21. (Rel. 34-58179)